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Is a Team Different from the Sum of its Parts?Evidence from Mutual Fund Managers
Bär, Michaela; Kempf, Alexander; Ruenzi, Stefan - Centre for Financial Research <Köln> - 2010
This paper provides the first empirical test of the diversification of opinions theory and the groupshift theory using real business data. Our data set covers management teams and single managersof US equity mutual funds. Our results reject the group shift theory and support thediversification...
Persistent link: https://www.econbiz.de/10009284845
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Overconfidence among Professional Investors: Evidence from Mutual Fund Managers
Pütz, Alexander; Ruenzi, Stefan - Centre for Financial Research <Köln> - 2010
We examine overconfidence among equity mutual fund managers. While overconfidencehas been extensively documented among retail investors, evidence fromprofessional investors is scarce. Consistent with theories of overconfidence, we findthat fund managers trade more after good past performance....
Persistent link: https://www.econbiz.de/10009284853
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Window Dressing in Mutual Funds
Agarwal, Vikas; Gay, Gerald D.; Ling, Leng - Centre for Financial Research <Köln> - 2011
This paper introduces two measures to investigate potential window-dressing behavior amongmutual fund managers. We show that unskilled managers that perform poorly are more likely towindow dress by strategically purchasing winner stocks and selling loser stocks near quarterends. Further, funds...
Persistent link: https://www.econbiz.de/10009284867
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The Prevalence of the Disposition Effect inMutual Funds' Trades
Cici, Gjergji - Centre for Financial Research <Köln> - 2011
US equity mutual funds, on average, prefer realization of capital losses to capital gains. Nevertheless,a substantial fraction exhibits the disposition effect of realizing gains more readily than losses. Myanalysis suggests that learning effects have reduced the manifestation of the disposition...
Persistent link: https://www.econbiz.de/10009284869
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Are There Disadvantaged Clienteles inMutual Funds?
Jank, Stephan - Centre for Financial Research <Köln> - 2011
This paper studies the flow-performance relationship of three di®erent investorgroups in mutual funds: Households, financial corporations, and insurance compa-nies and pension funds, establishing the following findings: Financial corporationshave a strong tendency to chase past performance and...
Persistent link: https://www.econbiz.de/10009302610
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Purchase and Redemption Decisions of Mutual Fund Investors and the Role of Fund Families
Jank, Stephan; Wedow, Michael - Centre for Financial Research <Köln> - 2011
fundfamilies show higher sales and redemption rates. Further family size also affects theflow-performance relationship: Investors … in large families punish bad performancemore. Last, we find that inner family rankings play an important part for … redemptions,with investors strongly redeeming their shares from intra-family losers. …
Persistent link: https://www.econbiz.de/10009302625
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The Influence of Buy-Side Analysts on Mutual Fund Trading
Frey, Stefan; Herbst, Patrick - Centre for Financial Research <Köln> - 2010
We present evidence of the impact of buy-side analysts on the behavior and performanceof fund managers. Using data provided by a large global asset manager,we relate buy-side analysts’ recommendations to fund transactions on a daily basis.Our results show that buy-side analysts have a...
Persistent link: https://www.econbiz.de/10009302628
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"Risikobegrenzende" Aktienfonds? Zugleich ein Beitrag zum Einsatz von Finanzderivaten bei Investmentfonds
Büschgen, Hans E. - Institut für Bankwirtschaft und Bankrecht an der … - 1996
Betrachtet man das Anlageverhalten deutscher Kapitalanleger, so kanndieses durch eine ausgeprägte Risikoscheu bzw. den …
Persistent link: https://www.econbiz.de/10005844768
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Cost Average-Effekt: Fakt oder Mythos?
Albrecht, Peter; Dus, Ivica; Maurer, Raimond; Ruckpaul, Ulla - 2002
Der Cost Average-Effekt gehört gewissermaßen zum Investment-Basiswissen ...
Persistent link: https://www.econbiz.de/10005842131
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Market Returns and Mutual Fund Flows
Remolona, Eli M.; Kleiman, Paul; Bocian, Debbie Gruenstein - Federal Reserve Bank <New York, NY>; London School of … - 1997
[...]In this study, we use recent historical evidence toexplore one dimension of the broad relationship betweenmarket returns and mutual fund flows: the effect of shorttermmarket returns on mutual fund flows. Research onthis issue has already confirmed high correlations betweenmarket returns and...
Persistent link: https://www.econbiz.de/10005870270